Henry Rearden Is Saving for Retirement and Has Determined That

question 16

Multiple Choice

Henry Rearden is saving for retirement and has determined that to live comfortably he must save $3 million by his 65th birthday.Henry just turned 30 today,and he has decided that starting today and continuing on every birthday up to and including his 65th birthday,he will deposit the same amount into an individual retirement account (IRA) .If Henry can earn 8% on his IRA,then the amount he must set aside each year to make sure that he will have $3 million in his account on his 65th birthday is closest to:

• A)$16,035.
• B)$17,410.
• C)$83,335.
• D)$85,715.

---

Definitions:

Agonist

A chemical or drug that binds to receptors in the brain and causes a biological response.

Neurotransmitter

Neurotransmitters are chemical messengers that transmit signals across synaptic gaps between neurons, influencing various bodily functions and behaviors.

Drug

A substance that has a physiological effect when ingested or otherwise introduced into the body.

Schizophrenia

A group of severe disorders characterized by disorganized and delusional thinking, disturbed perceptions, and inappropriate emotions and actions.